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Friends Life new business up 41%

  • 12/11/2013
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Friends Life new business up 41%
Friends Life has reported a 41% increase in the value of new business for the first nine months of 2013, rising from £94m during the same period last year to reach £133m.

This growth was driven by an upsurge in the retirement income value of new business, up 78% from £36m to £64m over the same period, according to parent company Resolution’s interim statement for the third quarter.

The value of new protection business rose 14% over the nine month period, up from £44m to £50m.

Corporate benefits value of new business rose 36% to reach £19m and Friends Life reports it has made progress on auto-enrolment as 146 schemes of 97 employers were staged by the end of September.

The group achieved its savings target of £126m three months ahead of schedule.

Resolution chief executive Andy Briggs said: “Our consistent strategy and focus on value is delivering and we are continuing to build on the momentum established in the first half of the year.

“In the UK value of new business grew 41%, underpinned by rigorous financial discipline. We have continued to make progress on cost reduction and have already reached our full year cost savings targets for 2013.

“Our scale businesses, competitive advantage in growth markets and the improving economy mean that we remain well placed to continue to generate cash and enhance shareholder value.”

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